INCHEON, SOUTH KOREA
AVERAGE SALE PRICE
Incheon, South Korea
Residential, Office, Hospitality
New Songdo International City Development LLC, Shinhan Bank, NSIC (Gale
International and POSCO E&C JV)
Kohn Pederson Fox
Officially known as the Songdo International Business District, this 40 billion USD project is promoted as a smart, green, low-carbon city a fifteen-minute drive and a short flight away from a third of the world’s population. The project, which Gale International started in 2008 with the collaboration of the firm Kohn Pedersen Fox Associates, once completed will welcome 65,000 people in a 60-square-kilometre area that, as often happens in many Asian countries, was reclaimed from the sea.
Built on 600 hectares (1,500 acres) of land reclaimed from the Yellow Sea off Incheon, about 56 kilometers (35 mi) from the South's capital Seoul, Songdo district is the largest private real estate development in history. By its completion date in 2015, the district was planned to contain 80,000 apartments, 5,000,000 square meters (50,000,000 sq ft) of office space and 900,000
square meters (10,000,000 sq ft) of retail space.
The Songdo program includes 45 million square feet of office space, 30 million square feet of residential space, 10 million square feet of retail, 5 million square feet of hotel facilities and 10 million square feet of public realm.
Unfortunately, as it is with many projects this size, Songdo has been slow to attract residents. This is mainly due to its lack of an established education system and commercial front. Currently, Songdo is planning to open an international branch campus in the city in order to attract a large student population to promote the livability of the city.
RELATED MEDIA COVERS
THE ASIA-PACIFIC JOURNAL: Gravity Defying: Whither Korea’s bid to build a world-class city entirely from scratch?
PR NEWSWIRE: Songdo International Business District Subject of Largest Financing in Korean History
ASIA TIMES: Songdo City defies crisis odds